Sacramento NBA team set to move to Seattle

Paul Levine

The Kings and the NBA on Monday confirmed the sale of the team to a Seattle based investment group, and the deal has been sent to the league for review and potential approval in the coming weeks.

According to the Sacramento Bee newspaper, the deal calls for the Maloof family to sell its 65-per-cent controlling interest of the Kings for a record $US525 million ($A502 million), with a non-refundable $30 million deposit from the Seattle group by February 1.

However, other reports suggest the remaining 35 per cent of the franchise is to be owned by minority investors, not the Maloofs, who have owned the franchise since 1999.

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"The Maloof family announced today that an executed purchase and sale agreement has been reached to sell the family's interest in the NBA's Sacramento Kings to a group led by investor Chris Hansen. The transaction requires approval by the NBA's Board of Governors and therefore no comments or details regarding the agreement will be released," the Maloof family said in a statement.

"We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise."

The league confirmed it has received the paperwork.

"The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board's committee process for review."

The deadline for teams to apply for a move for next season is March 1.

The deal would move the team to Seattle and the franchise would retain the SuperSonics name it had for 41 years before relocating to Oklahoma after the 2007-2008 season.

The club would play its first two seasons in KeyArena before moving into a brand new 490 million-dollar home, which has already been approved for construction by Seattle local government officials.

Hansen, a successful hedge fund manager backed by Microsoft billionaire Steve Ballmer, has longed for the return of an NBA team.

"We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise," Hansen said in a statement. "The deal is subject to approval by the NBA Board of Governors in New York in April."

Sacramento Mayor Kevin Johnson, a former NBA All-Star point guard, has been given permission by NBA commissioner David Stern to present a counter-offer, complete with a financing package for a badly needed new arena in a last gasp chance to attract investors and keep the Kings in California's capital, where it has been since 1985.

The Kings have been at odds with the city over a new building for the team. An agreement to build a 391-million -dollar arena with the city council was announced last February, but fell through just two months later.